A magnetic drill press includes a housing, a magnetic base coupled to the housing for engagement with a workpiece, and a motor carriage slidably coupled to the base housing. The magnetic drill press further includes an electric motor supported by the motor carriage and configured to rotate a bit about a bit axis, and a spindle assembly supported by the housing and coupled to the motor carriage for selectively positioning the motor carriage relative to the housing. The magnetic drill press further includes a handle hub coupled to the spindle assembly, and a ratchet assembly including a ratchet head coupled to the handle hub and a ratchet handle coupled to the ratchet head for actuating the spindle assembly by reciprocating motion of the ratchet handle.